FEC records show Buttigieg’s PAC leads potential 2028 candidates in fundraising as Booker, Ocasio-Cortez and Khanna hold large campaign balances

By Graham Ostrander

WASHINGTON — With one week left before the midterm elections, the political action committees tied to potential 2028 presidential candidates have become a measure of who is building a national network and who is spending on others. Federal Election Commission records show former Transportation Secretary Pete Buttigieg’s PAC has raised far more than any other leadership PAC in the group this cycle, while several House and Senate Democrats sit on campaign accounts larger than any of the PACs.

A Washington Inquisitor review of FEC summary data for 11 leadership and political committees connected to possible 2028 contenders, and for the campaign committees of six members of Congress frequently mentioned as potential candidates, found more than $34 million raised by the PACs in the 2025-2026 cycle and more than $80 million in combined cash on hand in the six campaign accounts.

None of the people named here has declared a 2028 presidential campaign. The committees are separate from presidential campaign committees and are subject to FEC rules for leadership PACs, which let politicians raise money to support other candidates and pay for travel and political operations. A leadership PAC may contribute up to $5,000 per election to a federal candidate.

The PACs

Win the Era PAC, the committee associated with Buttigieg, reported $16.49 million in receipts and $11.18 million in disbursements for the cycle through Oct. 14, with $6.70 million in cash on hand. It reported $255,770 in contributions to other committees.

California Gov. Gavin Newsom’s Campaign for Democracy PAC reported $4.39 million in receipts, of which $3.5 million were transfers from affiliated committees, and $3.59 million in spending. It ended the period with $6.94 million in cash, the most of any PAC reviewed.

Kentucky Gov. Andy Beshear’s In This Together PAC reported $4.57 million raised, $2.71 million spent, $220,000 in contributions to other committees and $500,000 in independent expenditures. Sen. Chris Murphy, D-Conn., reported $2.51 million raised by American Mobilization PAC, including $1.76 million in transfers, and $575,000 in contributions to other committees, the most of any PAC in the group.

On the Republican side, former U.N. Ambassador Nikki Haley’s Stand For America PAC spent $3.23 million against $1.89 million raised and gave $495,000 to other committees. Vice President JD Vance’s Working for Ohio reported $1.42 million in receipts, nearly all transfers, and $515,000 in contributions to other committees. Sen. Ted Cruz’s Jobs, Freedom, and Security PAC raised $1.28 million and contributed $345,000.

Michigan Gov. Gretchen Whitmer’s Fight Like Hell PAC reported $2.35 million in cash as of Sept. 30. Rep. Alexandria Ocasio-Cortez’s Courage to Change gave $175,000 to other committees, about half of its $353,000 in spending. Secretary of State Marco Rubio’s Reclaim America PAC and Sen. Mark Kelly’s Keep America Rolling reported little activity.

The campaign accounts

Several lawmakers mentioned as potential candidates hold far more money in their own congressional campaign committees than any of the PACs. Federal law allows candidates to transfer unlimited amounts from a federal campaign committee to another federal campaign committee of the same candidate, according to FEC guidance on transfers, which means those balances could become seed money for a future federal campaign.

Sen. Cory Booker, D-N.J., who is on the ballot for reelection, reported $21.28 million raised, $9.57 million spent and $22.90 million in cash on hand through Oct. 14, according to his FEC candidate summary. Ocasio-Cortez reported the most raised of the House members, $38.03 million, with $24.19 million spent and $17.58 million on hand, according to her candidate summary.

Rep. Ro Khanna, D-Calif., widely viewed as a likely 2028 presidential contender, reported $15.32 million raised, $9.45 million spent and $16.58 million in cash on hand as of Oct. 14, according to his FEC candidate summary, one of the largest balances held by any House member. Khanna has spent the fall campaigning for Democratic and independent candidates across the country, including in Nebraska, CBS News reported, and has made more visits to Nevada than any other potential 2028 candidate, according to The Nevada Independent’s tracker. The Inquisitor did not identify a separate leadership PAC registered to Khanna in FEC data.

Murphy, who is not on the ballot this year, reported $14.02 million raised and $11.52 million on hand in his Senate committee as of Sept. 30, according to his candidate summary. Sen. Jon Ossoff, D-Ga., who is running for reelection in one of the year’s most expensive races, reported $115.9 million raised and $105.8 million spent, with $15.13 million left, according to his FEC summary. Sen. Ruben Gallego, D-Ariz., reported $4.84 million raised and $2.24 million on hand as of Sept. 30.

Spending down and saving up

Three of the PACs spent more this cycle than they raised, drawing on money carried over from earlier years. Stand For America PAC spent about $1.34 million more than it took in, Jobs, Freedom, and Security PAC about $410,000 more and Fight Like Hell PAC about $320,000 more, according to the FEC summaries. Each still reported more than $1.5 million in cash.

Others are banking a larger share of what they raise. Win the Era PAC spent about two-thirds of its receipts, leaving $6.70 million in the bank, and Newsom’s committee reported more cash on hand than it raised during the cycle, reflecting money carried over from before 2025. Beshear’s PAC spent about 59% of its receipts.

A PAC’s cash cannot be moved wholesale into a presidential campaign: a leadership PAC is held to the same $5,000-per-election limit on contributions to a candidate as other multicandidate PACs, according to the FEC, while a candidate’s own campaign funds can be transferred among his or her federal committees under the agency’s transfer rules.

What the numbers show

The PAC totals capture only part of each politician’s political operation. Governors such as Newsom, Whitmer and Illinois Gov. JB Pritzker also raise money through state accounts and nonfederal committees that do not report to the FEC, and some potential candidates are aligned with super PACs or nonprofit groups that report on different schedules or not at all. Pritzker’s committees are not included in this review.

Transfers also complicate comparisons. Campaign for Democracy PAC, American Mobilization PAC and Working for Ohio each reported that much of their money came from affiliated committees rather than directly from donors, according to their FEC summaries.

Still, the records show who is using a PAC to build relationships with other candidates this fall. Murphy’s American Mobilization PAC, Vance’s Working for Ohio and Haley’s Stand For America PAC each reported about half a million dollars in contributions to other committees, more than Buttigieg’s PAC, which raised several times as much. Beshear’s PAC is the only one in the group to report independent expenditures, $500,000 in total.

How we did the analysis

The Inquisitor used the FEC’s 2025-2026 committee summary file and candidate summary file, downloaded from the FEC bulk data page. Committees were identified by name and by the sponsor named in public reporting. Figures reflect the most recent report on file; most committees filed pre-general reports covering activity through Oct. 14, while those that file monthly or semiannually are shown through Sept. 30. Contributions to other committees include gifts to candidates, party committees and other PACs. Receipts include transfers from affiliated committees.

The Washington Inquisitor is seeking comment from the committees named in this story; this story will be updated with any response.